US Government, Binance, and Thai Police Collaborate to Bust Multi-Million Dollar Crypto Scam
In a recent blog post, Binance, the world’s largest crypto exchange platform by volume, announced its collaboration with the US government and Thai police to dismantle a criminal network involved in a massive scam targeting novice traders. The scam, known as a “pig butchering” scheme, lured victims into depositing money into fake investment platforms through false promises of high profits. The criminals would then display fake profits and demand further payments, including fake tax bills.
The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, with assistance from Binance and the US Homeland Security Investigation (HSI), arrested five key members of the criminal group and seized assets worth approximately $277 million USD, including luxury cars, homes, and land. Over 3,200 victims have come forward seeking compensation since the operation.
Binance’s Contribution in Fighting Scams and Cybercrimes
The successful operation against this criminal network highlights the importance of prompt information exchange between key partners like Binance in combating crypto scams and cybercrimes. The rise of such scams has caused significant financial damage in Thailand, but with the collaboration of Binance and other organizations, law enforcement agencies can take effective action against these criminals.
Hot Take: Joint Efforts Lead to Major Victory Against Crypto Scammers
The joint efforts of the US government, Binance, and Thai police have resulted in a major victory against a multi-million-dollar crypto scam. By dismantling this criminal network and seizing their assets, law enforcement agencies have sent a strong message to scammers targeting novice traders. This successful operation demonstrates the significance of collaboration between crypto exchanges and authorities in combating fraudulent activities in the digital asset space. It also emphasizes the importance of staying vigilant and conducting thorough research before engaging in any investment opportunities in the crypto market.
By
By
By
By
By